"We pay tax on contributions and on earnings with regards to Superannuation"
Well , I for one , paid bugger all tax on my contributions , 15% mostly . So my tax was discounted mostly by 35c in the dollar[ might even have been 45c for 1 or 2 years].
The earnings in the fund were taxed at 35c per dollar less than they would have been if they were outside super.
So , I didn't pay much tax going in or during , so zero tax after not justified. I had the huge benefit of a much larger investment ''float '' , compounded for decades in a tax advantaged fund. The community has paid much more than it needed to keep me off a pension , that I was never going to be on anyway. Would have been a lot cheaper to give me the pension. That is not to say that I agree with your sentiments regarding the limit. Just not sure it goes far enough. cheers
